Insurance Policy

[Arbalest]

lapse only ma bro.. not cancel

hospital plan most impt for now, just make sure u pay that one

then once u are more financially stable, just reinstate? at most pay the reinstatement fee

 

[RadEoNic]

no...

i don't even know what is hereditary illness...

still need investigation... like that chance of claim is very low lor?

They may decline you if you claim

 

[pew]

Hi guys

Recently i bought an critical illness insurance...

Great Eastern Life - Critical Care Advantage - Secure your desired lifestyle with an early healthcare advantage

Had been paying around half a year liao.
but recently my career & financial income has some problem...
so insurance company has fail to deduction by giro bank account.
but currently i really can't afford to pay $100+ monthly now...

i would bought this, because my family has sickness transfer ''依传病''。

my agent has already told me that tomorrow is the last day of paying the premium, if not my policy will be lapsing.

so should i continue to pay the premium?
or just cancel it first, next time then buy again?

This kind of thing, nobody can advise you. There are people who got critical illness plan, pay for it many years, but die of accident. There are people who just buy few years, then Kenna critical illness, and there are people Kenna critical illness right after their policy lapse.

From an agent's point of view:

1) if you cancel and take up a new policy, there is waiting period.
2) If you hold a policy for less than 18 month or less, the agent's persistency will be affected (the agent could be sacked if their persistency fall below a certain percentage) cuz it means the agent never understand your finanes and affordability before selling u the policy.
3) After you terminate the policy, the agent cannot sell you any life policy for a certain period of time (can sell, but no commission)

 

[pew]

They may decline you if you claim

As long as all the question in the health questionnaire is answered truthfully to the best of your knowledge, shouldn't have any issues

 

[matchy]

better to continue...if laspe den u apply...the premium will go up and also they might not accept u

 

[pew]

better to continue...if laspe den u apply...the premium will go up and also they might not accept u

Matchy in Tampines or alexandra? Find 1 day come out jiak lunch leh

 

[AhBui168]

lapse only ma bro.. not cancel

hospital plan most impt for now, just make sure u pay that one

then once u are more financially stable, just reinstate? at most pay the reinstatement fee

what happen if kena lapse?

 

[AhBui168]

They may decline you if you claim

Huh? than I pay for fk?

 

[matchy]

Matchy in Tampines or alexandra? Find 1 day come out jiak lunch leh

i not in office everytime~!

 

[AhBui168]

This kind of thing, nobody can advise you. There are people who got critical illness plan, pay for it many years, but die of accident. There are people who just buy few years, then Kenna critical illness, and there are people Kenna critical illness right after their policy lapse.

From an agent's point of view:

1) if you cancel and take up a new policy, there is waiting period.
2) If you hold a policy for less than 18 month or less, the agent's persistency will be affected (the agent could be sacked if their persistency fall below a certain percentage) cuz it means the agent never understand your finanes and affordability before selling u the policy.
3) After you terminate the policy, the agent cannot sell you any life policy for a certain period of time (can sell, but no commission)

WTF?
if I cancel my policy is my own problem what...
why will sabo insurance agent leh?

If transfer to a new agent leh?

 

[matchy]

Huh? than I pay for fk?

dun blive the hearsay...the company will not scare of u claiming 100k or 200k....

100million maybe they scare...

 

[pew]

better to continue...if laspe den u apply...the premium will go up and also they might not accept u

what happen if kena lapse?

Lapse means u won't be covered lor. And if u buy new policy, u must fulfil the waiting period before u can claim.
And if u want to buy another policy from GE with the year, probably no agent would want to sell you as they won't be getting any commission out of it.

 

[matchy]

haha persistency....i remb those time when i am fighting for it...now i jus fugged care~~

 

[AhBui168]

Lapse means u won't be covered lor. And if u buy new policy, u must fulfil the waiting period before u can claim.
And if u want to buy another policy from GE with the year, probably no agent would want to sell you as they won't be getting any commission out of it.

If buy from other insurance company leh?

 

[AhBui168]

dun blive the hearsay...the company will not scare of u claiming 100k or 200k....

100million maybe they scare...

I don't understand...

 

[pew]

WTF?
if I cancel my policy is my own problem what...
why will sabo insurance agent leh?

If transfer to a new agent leh?

Cuz the agent is deemed to never do a good job in finding out client's finances before selling.
This kind of policy is a lifetime commitment. It's our job to make sure the client can afford the premiums before getting them to make a commitment.

This is to protect the clients from agents who just want to spin money out of clients

 

[pew]

If buy from other insurance company leh?

U don't tell, nobody know.
U tell, they got to declare, same thing apply

 

[AhBui168]

U don't tell, nobody know.
U tell, they got to declare, same thing apply

when buy any policy from any company confirm will ask one leh.

if don't say, next time say we not honest, in the end cannot pay claim...

 

[matchy]

I don't understand...

what i trying to say is that , insurance company will not reject u because you claim....rather they reject you because of the pre existing illness you incurred.

pre-existing illness

 

[wuweiz]

when buy any policy from any company confirm will ask one leh.

if don't say, next time say we not honest, in the end cannot pay claim...

No need to be so honest if u know to how hide it.

I used to process claims.